NFTs: WHERE TO GET STARTED AS AN ARTIST

Opinion Piece
May 2022
Credit
Alice McLean, Connie Rose

This is part 2 of our NFT series, and this time we’re going through the what and where. Go check out part 1 to learn about about what we see being the pro’s and con’s of NFTs.

Our aim with this series is to breakdown the web3 space for artists and their teams in a simple, digestible way. NFTs don’t need to be scary or intimidating, and we’re here to help navigate you through the space.

Ideas for NFTs

Here's just a few ideas of assets that you probably already have under your belt that would make great NFTs to push to your fans:

  • Alternative artwork - Did you just release a single? Why not sell an alternative colour or version of the artwork? You could embed it with a stem from the song, or an acoustic version. 
  • Animated artwork / logo - Why not bring your recent release / artist project to life and sell that? 
  • BTS Footage - You could sell unseen footage to fans, providing a totally unique experience for them. 
  • Ticket stubs - Why not give everyone who just came to your show a free NFT as a thank you? This is a great memory for fans that they can show off and keep as a memento. 
  • Collectibles - Just like collecting different versions of vinyl, you could create a range of collectible NFTs. 

How to choose a Marketplace

Choosing a Marketplace to host your NFTs can be a daunting task. To help you with this task, here's a list of the key things to look out for when picking one:

  • Blockchain - it’s good to double check which blockchain(s) each marketplace is using 
  • Marketplace size - when considering marketplaces, compare how big they are. Some are huge and open to anyone, whereas others are more curated and tastemaker driven. 
  • File types - make sure the platform can host whatever file type your NFT is in and any size requirements. 
  • Mining fees - these are the fees that the platform takes for putting the NFT on the blockchain and facilitating the sale. Make sure to double check these beforehand as they can differ quite a lot. 
  • Environmental impact - some blockchains require a lot more energy than others so it’s worth double checking which are more environmentally friendly.

Recommended NFT Marketplaces

It feels like there's a new marketplace popping up every few months. Below are a few of our recommended marketplaces to check out and what makes them notable:

Rarible

  • Rarible says that it wants to become “the most accessible and user-friendly platform for digital items” 
  • Fees depend on the blockchain and your chosen minting option 
  • Rarible is a simple to use marketplace, sellers and buyers are rewarded RARI tokens with Rari token holders being able to vote on proposals that affect the platform 

Nifty Gateway

  • Their USP is exclusivity: you need to apply to be able to sell an NFT on the platform and only the biggest names get approved
  • The platform takes 5% of the NFT sale price in fees and taxes, and the original artist receives a 10% royalty 
  • Artists / music clients who’ve used the platform: Grimes, Deadmau5, Carl Cox, Li Yachty
  • Nifty will ensure your NFT has an immediately implicit value because of how exclusive they are, but they also charge a premium for the clout 

Serenade

  • Offers NFTs at 1/10th of the energy required to post a tweet, and 1/44,000th of a normal NFT, meaning they have minimal environmental impact.
  • They’re more focused on encouraging mass adoption, selling low cost NFTs for music artists  

OpenSea

  • Largest and most commonly used marketplace 
  • Easy to use process 
  • Lots of traffic on the site, but equally a lot of artists to compete with

Make sure you check back in for the last in our three-part NFT blog series very soon and as always please contact us for any more info!